This question — are mortgage rates going to go back down soon? — is on everyone’s mind. Unfortunately, most experts think rates have either plateaued or may continue to rise throughout the rest of 2022.
On July 27, Bankrate quoted chief economist at the Mortgage Bankers Association as saying, “There is a tug-of-war in market expectations, between the persistently high inflation numbers and resulting rapid Fed hikes, and the increasing risk of a sharp slowdown and possible recession. As a result, mortgage rates may have already peaked and could stay between 5 percent and 5.5 percent through the remainder of 2022.”
Experts at The Mortgage Reports say, “It’s unlikely mortgage rates will go down in 2022. Inflation has been climbing at a record rate over the last few months. And the Fed is planning to raise interest rates after each of its scheduled FOMC meetings. Both these factors should lead to significantly higher mortgage rates in 2022.”
The thing about mortgage rates, though, is that they shouldn’t stop you from buying a house now if you’re in the market to do so. Because you can always refinance to a lower rate if and when it makes sense to do so in the future.
In fact, for most people, it still is a good time to buy a house right now.
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If you’re looking to buy a home in Fresno, Clovis or the surrounding area, the local experts at Foxen Realty are here to help!
Send us a message or call us at 559-490-0207 today to start the conversation.